GBPUSD Down 2 Pips Over Past Hour, Entered Today Down For the 2nd Straight Day; is Inching Close to 20 Day Average

Hourly Update

(Last Updated June 10, 2021 18:24 GMT)

At the time of this writing, GBPUSD’s rate is down -2 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on GBPUSD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on GBPUSD; it is now pointing down. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

GBPUSD End of Day Recap

Updated 00:30 GMT (04:30 EST)

GBPUSD is down 37 pips (0.26%) since yesterday (opening today near 1.41106), marking the 2nd straight day a decline has happened. Out of the 39 instruments in the Forex asset class, GBPUSD ended up ranking 34th for the day in terms of price change. Here is a price chart of GBPUSD.

GBPUSD

GBPUSD Technical Analysis

Notably, GBPUSD is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. Volatility for GBPUSD has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 16 out of the past 30 days.